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Pass on Something Wonderful
We bust 4 myths about making a will to celebrate Remember a Charity in Your Will Week 2019.
11 Sep 2019
Leaving a gift in your will is a really good way to help My Life My Choice to keep helping people with learning disabilities have a voice into the future.
However, writing a will and planning for after you have passed away isn’t a topic that everyone feels comfortable talking about.
This means that lots of people don’t understand what is involved in making a will and how they can help.
As part of
Remember a Charity in your Will Week
this week, we want to address four common myths and bust them for you.
1. Myth: Once you have written it, a will can’t be changed unless it is totally rewritten
For a lot of people, once they have written a will, they consider it to be finished and permanent.
This is often because they think it will be difficult or expensive to change their will.
However, there is an easy and cheap way to make a small amendment to a will (such as including a gift to your favourite charity) without adjusting the rest of your will.
This is called a codicil.
Although this sounds complicated, it is a just a legal word that means making a small change to your will.
It can cost about £40-£70 from a local solicitor and is cheaper than making a whole new will.
. Myth: Wills are only for the rich
Some people think that wills are only relevant if you are rich and famous, and giving to charity in your will isn’t possible unless you have lots of money.
This is just not true!
A will is really important for anyone to make sure they feel comfortable with what will happen after they are gone.
Also, a gift in a will can be as large or small as you want and any kind of gift can make a big difference in helping a charity.
3. Myth: You can only split up your estate into percentages
When wills are shown in the media, often they show splitting up someone’s money into percentages which are then given to people.
This means some people think that this is the only way to leave a gift in their will.
However, it is really much more flexible as there are three methods of leaving a gift in a will:
- a residual legacy is a gift of all, or a percentage of the value of a person’s entire estate, once debts have been settled.
- a pecuniary legacy is the gift of a specific sum of money.
- a gift in kind is when a specific piece of property is given. Commonly this can be jewellery or similar.
You can use any combination of these types to make sure your will does exactly what you want.
4. Myth: My gift won't make a difference
People sometimes feel that the amount they have or want to give is too small to make a difference.
However, this isn't true.
Any kind of gift can make the greatest difference, especially when combined with other people’s gifts.
A gift big or small can make a huge difference to the life of someone with learning disabilities.
You can find out more about making wills
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